FlexPay Technologies, a startup company based in Kenya that specialises in financial technology is redefining the manner in which customers can purchase things that were previously out of their price range.
FlexPay is making luxury items and critical purchases more accessible to a wider audience by enabling customers to buy at partner merchants, reserve things, and pay for them over a period of time at no additional cost. Since its inception, FlexPay has expanded its merchant network to a total of 600 locations, and it is anticipated that this figure will continue to rise as the company grows its “save now, buy later” offers.
The mission of the fintech is to become much more than only a payment platform. Richard Muchomba, the co-founder and CEO of the company, envisions it as an active bank account that not only makes it easier for customers to make purchases in brick-and-mortar stores but also assists customers in saving money for other types of expenses, such as trips or tuition.
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Steps FlexPay is taking
In order to realise this ambition, FlexPay is currently in the process of creating partnerships that will enable its customers to make reservations at hotels and to pay for those reservations. FlexPay intends to keep its customers and provide them with a full financial solution by expanding the range of services it offers.
FlexPay has released a number of cutting-edge products in order to satisfy the varied requirements of its clientele. Users who have specific savings goals will find the FlexPay Goals feature useful because it enables them to create goals and monitor their progress towards achieving those goals.
The ability to save money as a group is made possible by FlexPay Chama, which makes it simpler for communities to realise their common monetary objectives. Savings on maternity care are the primary emphasis of Mama Prime, which also assists pregnant moms in preparing monetarily for the arrival of their child. These solutions illustrate FlexPay’s commitment to resolving the many different types of financial difficulties that are experienced by its customers.
Signing up with the fintech is a quick and easy process that offers a lot of benefits. Customers can sign up for an account using the app or with one of our partner merchants, including retailers with physical locations. Because of this flexibility, FlexPay can be accessed as a payment option during the checkout process for customers shopping both online and offline. Customers of offline retailers can register to use FlexPay via USSD, transforming store owners into agents for the service. This strategy not only broadens FlexPay’s user base but also gives locally owned and operated companies the ability to provide their consumers with flexible payment options.
Payment options
Customers can make an initial deposit using the FlexPay system and then pay off the remaining balance over the course of a set period of time. The buy now, pay later (BNPL) model offered by FlexPay does not charge interest and is open to a larger variety of clients than the conventional credit-driven buy now, pay later (BNPL) models that do charge interest and require a high credit score.
The fintech does not predetermine the number of instalments or the total amount of each payment; rather, this information is based on the specific industry. The majority of retailers in the retail industry accept payments within three months, although businesses in the travel industry could provide payment plans that extend up to a year. The business strategy utilised by FlexPay has proven to be highly successful, boasting a success record of 96%, and is ideally suited for use in the African market.
The expansion of FlexPay’s customer base is tangible evidence of the company’s rising success. The company asserts that it has already provided services to more than 200,000 clients, and it anticipates that this figure will dramatically increase after it debuts in Uganda and Nigeria in the near future. By extending its business operations to further African nations, FlexPay intends to deliver its cutting-edge financial solutions to a wider audience and enable a greater number of customers to get the things they have been wishing for but have not been able to buy.
In the background, the fintech is gathering useful information that will be put to use in the creation of financing products that are not only economical but also environmentally friendly. FlexPay’s goal is to develop individualised solutions that address the specific requirements of its users by first analysing the financial and behavioural patterns of customers. This method, which is driven by data, ensures that the financing alternatives offered by FlexPay are in line with the customers’ actual financial situations, which encourages prudent spending and long-term financial stability.
Investors have shown a substantial amount of support for FlexPay, helping the company raise a total of $785,000 so far. The fledgling business has received financial backing from a number of prestigious organisations, including the Acacia Group (formerly known as the Cairo Angels Syndicate Fund), LoftyInc, Expert Dojo, Google Black Founders Fund, and Renew Capital, among others. This financial backing not only validates FlexPay’s business model but also provides the essential resources to fuel its expansion and innovation. FlexPay has been able to continue its rapid growth thanks to these resources.
The fintech is making a significant impact on the manner in which customers in Kenya are able to afford things by providing a “save now, buy later” model that is both easily available and free of interest charges. Individuals are given the ability to achieve their financial goals through the use of FlexPay, which provides a payment experience that is both streamlined and convenient.
The fintech has an expanding merchant network and a variety of new solutions. In the process of expanding its operations to other nations in Africa, the firm intends to deliver its comprehensive financial solutions to a larger audience in order to have a long-lasting impact on the fintech landscape of the African continent.
